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PME - Pingtan Marine Enterprise under pressure on $4.75M stock and warrants offering
Pingtan Marine Enterprise Ltd.
Pingtan Marine Enterprise (PME) trades 18.1% down premarket after agreeing to sell 3.6M shares at $1.31/share and 2.7M five-year warrants to purchase shares in a registered direct offering.Proceeds are expected to be ~$4.2M; to be used for general corporate purposes, transaction expenses and for financing acquisitions in competitive and complementary businesses.Offer expected to close on or about Mar.8.